150 Year Sentence with No Parole for Bernard Madoff

June 29, 2009

(ChattahBox) — On Friday, prosecutors from the U.S. Attorney’s office in Manhattan  asked federal judge Denny Chin  to sentence to sentence Ponzi scheme operator Bernard Madoff, to the statutory maximum of 150 years in prison, because of the scope, nature and duration of his decades-long fraud. Today judge Chin did just that, describing the crime as ‘extraordinarily evil’ and telling Madoff “symbolism is important,” at the New York sentencing hearing. Rejecting the plea of Madoff’s lawyer who asked that he be sentenced to as little as 12 years in prison, citing the 71-year-old’s life expectancy of about 13 years, Judge Chin virtually threw the book at Madoff.

Madoff making his first statement, told the court:

“I will live with the pain and torment (of hurting people) for the rest of my life.”

“I cannot offer an excuse for my behavior,” Madoff said. “How to do excuse deceiving investors? How do you excuse lying to your sons? How do you excuse lying to your two brothers? How do you excuse lying to a wife who stood by me for 50 years.

“There is no excuse for that,” Madoff told the court. “I made a terrible mistake. . . . I’ve left a legacy of shame for my children and grandchildren. I will live with the pain and torment the rest of my life.”

Then, he turned to victims in the courtroom and said: “I am sorry. I know that doesn’t help you.”

The matter is now in the hands of the Bureau of Prisons, which will make the decision on where Madoff will be sent. Madoff will also be required to forfeit up to $170 billion, eliminating his interest in all real estate, investments and other property, according to a ruling by judge Chin. Madoff’s apartment in Manhattan and houses in Palm Beach, Fla., and in Montauk on the east end of New York’s Long Island will be sold by U.S. marshals. Ruth Madoff will retain $2.5 million while giving up her claims to more than $80 million in assets under an agreement approved by Chin.


Comments

One Response to “150 Year Sentence with No Parole for Bernard Madoff”

  1. CNBC on June 29th, 2009 3:13 pm

    Just to let you know if you’re interested, tonight on CNBC at 9pm EST, CNBC delves into this mind of Madoff to explore how the alleged scheme worked in “Scam of the Century: Bernie Madoff’s Crime & Punishment.” CNBC anchors and correspondents David Faber, Charlie Gasparino, Mary Thompson and others investigate Madoff’s firm, the warning signs, the financial and human toll, and the fallout among the Palm Beach elite and others hardest hit by the scheme. For more information on tonight’s special please click here: http://bit.ly/VHWah

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